TTF gas prices rise as premium boosts European regas margins

TTF gas prices have strengthened in recent weeks, with a renewed premium over Asian LNG benchmarks driven by low European storage levels. According to Timera Energy, this widening TTF premium is now lifting European LNG regasification margins back into positive territory for many continental terminals.

TTF gas prices have regained a clear premium over Asian LNG benchmarks as below-average European storage levels heighten late-winter supply risk.

Aggregate inventories are sitting toward the bottom of the five-year range, increasing market sensitivity ahead of the summer refill season.

The resulting TTF premium to JKM is helping attract LNG cargoes into Europe, while within the region the offshore-to-onshore price spread has widened significantly. The front-month DES Northwest Europe–TTF spread has moved to levels that return most continental regas terminals to positive merchant margins.

Chart 2: Front month DES NWE – TTF price spread

Source: Timera Energy, Spark

This marks an important shift in market dynamics, as regas capacity that typically sits out of the money has moved back toward or into profitability.

However, the uplift is not uniform: UK NBP has weakened relative to TTF, limiting margin expansion at UK terminals and reinforcing intra-European divergence in LNG routing incentives.

Source: Timera Energy “TTF premium boosts European regas margins”, 23 February 2026